I will add that to your question of 10% or 20%, you need to ask yourself whether you need the cashflow or not. 10% down would leave some money with which to buy more properties.

We only needed to pay earnest money and a portion of the closing fees bring upfront investment to 12-15K.

I financed the acquisition of the land with personal and private money.

Plus, that is the cheapest that money will ever be for you.  2.65% interest rate? 

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

It's real estate in markets with population growth, it's pretty hard to lose money if you get an inspection and appraisal.

If you achieved this by paying all cash, then you are losing money. 

You are losing money on both properties. 

Our cash on cash return is essentially infinite as we make money on the delta between the yield of the discounted note that we purchase and the interest rate we pay to our passive private capital partners. 

At that point we hired an independent appraiser and the numbers came back good and the hard money lender agreed to use them.